It looks like "The Real Housewives of New Jersey" may be getting the axe as its biggest star Teresa Giudice faces more than 50 years behind bars.

The New York Daily News reports Bravo executives are considering canceling the Garden State version of its popular "Real Housewives" series after Teresa and her husband Joe Giudice were hit with a 39-count indictment Monday on charges of fraud, including hiding assets during bankruptcy filings. Joe, an entrepreneur, is also accused of failing to file tax returns from 2004 to 2008 when he allegedly earned nearly $1 million.

"Nobody wants to see their talent in this kind of a situation," a network source told the newspaper, adding that interest in a Teresa spinoff show has been axed. "Bravo only spins off happy situations -- marriages, baby news. Not prison."

The couple is currently free on $500,000 bond but their passports have been taken away and travel limited to New York and New Jersey. If convicted, they're each facing up to 50 years in prison and a $1 million fine.

E! News reports the Giudices' lavish lifestyle may have been what led to their money troubles. In 2009, during the show's first year, they were making $79,000 a year from business ventures, plus $3,333 per month from Bravo, $3,250 from Joe's construction company and $10,000 "in monthly assistance from family members." However, a Chapter 7 filing that October stated they owed more than $10.8 million to creditors, including $104,000 on eight credit cards and $91,000 to build a mansion.

However, sources tell the Daily News that Teresa, 41, is in denial about the charges. She and her husband, 43, have yet to enter a plea, but are expected to plead not guilty.

"Teresa thinks people are coming after her because she is famous," one person said. "She honestly thinks she has done nothing wrong."
TMZ reports Giudice's "RHONJ" co-star Danielle Staub avoided fraud charges last year when she filed for Chapter 7 bankruptcy and claimed she owed between $500,000 and $1 million. Legal documents filed last month show she was accused of hiding assets but paid $35,000 to help settle her debts and avoid the fate Teresa faces.

"Real Housewives of New Jersey" is currently in its fifth season, airing Sundays at 8 p.m. on Bravo.